Excise taxes for cars with a net manufacturing or import price of up to P600,000 would be “adjusted from 2 percent to 4 percent.”
Under HB 4774, vehicles priced above P600,000 will be taxed higher, with those over P2.1 million to be charged P1.224 million plus 200 percent in excess of P2.1 million.
Separate bills will index the motor vehicle user’s fee to the cumulative inflation rate from 2004 to 2017, reflecting an 82 percent increase.
The excise tax proposal cuts across all vehicle segments, even affecting first-time or entry-level buyers.
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